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Estimated Total Value on Inventory Adjustment - calculations for standard costing method

edited Oct 16, 2020 1:33PM in Ask A Guru 1 comment

I hope you can help me please

Having set up standard costing, I have entered items data and location standard cost on the inventory records

Item ABC632 for example

I have a qty on hand of 24 and the location standard cost is 3.19608696 (therefore total value is 24 x 3.19608696 = 93.98608704)

I make an inventory adjustment using  Transactions>Inventory>Adjust Inventory - accessing the Inventory Adjustment form. On the IA form, I can see that the system has rounded up the cost per unit to 2 decimals places. The current value for the starting qty of 24 as above is rounded to £93.99 (not displayed to 7 decimal places, which is what I expected to happen give that stanard cost is being used)

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